Deutsche Bank is cutting staff in London

Insiders say DB has been making cuts in London this week. They're not big cuts - more like tiny little scratches. Around three people are thought to have been put at risk in the bank's debt capital markets and solutions business.

One of those understood to be looking at his options is David Campos e Cunha, a director on the financing and solutions team. E Cunha had been at Deutsche Bank over nine and a half years after joining from Barclays in 2009. He's understood to have covered Portuguese clients at Deutsche Bank and didn't respond to a request to comment on his situation.

If Deutsche Bank merges with Commerzbank, bigger job cuts may yet ensure. Commerzbank cut its own investment bank to the bone after the financial crisis of 2008 and research firm Tricumen says that Deutsche's costs account for an abnormally high proportion of revenues in most markets in which it operates. Commerzbank's investment bankers are wary too: "Morale here is terrible," says one.

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